House lawmakers passed legislation June 12 that would curb the authority of the U.S. Commodity Futures Trading Commission (CFTC) to oversee the $633 trillion global swaps market.
The bipartisan bill's approval came as a majority of CFTC commissioners have signaled they want to delay final action on how new derivatives rules apply to foreign banks and the overseas affiliates of U.S. banks and hedge funds.
Chairman Gary Gensler insists the agency should take its final vote on the guidance by July 12, when the current deadline expires. While the bill is not expected to be introduced in the Senate, the House vote could increase pressure on Gensler to agree to a delay.
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